Mukesh Ambani-led Indian conglomerate Reliance Industries is looking to sell a roughly $20 billion stake in its retail arm to Amazon, Bloomberg News reported on Thursday. The technology giant has considered investing in Reliance Retail Ventures and is willing to sell up to a 40% stake in retail unit, the report said.

“Amazon has held discussions about investing in the conglomerate’s Reliance Retail Ventures Ltd. unit and has expressed interest in negotiating a potential transaction,” the person said.

ET had earlier reported that Reliance Retail Reliance Industries is looking to raise Rs 60,000-63,000 crore by selling a 15% stake in Reliance Retail Ventures, the holding company of its retail businesses, to a clutch of private equity investors and sovereign wealth funds.

On Wednesday, US private equity major Silver Lake picked up 1.75% in Reliance Retail Ventures for Rs 7,500 crore, valuing the company at ₹4.21 lakh crore.